SBA COMMUNICATIONS CORP — Director's Dealing 2015

May 13, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2015-05-08

Reporting Person: CARR BRIAN C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-08	Class A Common Stock	M	303	—	Acquired	2707	Direct
2015-05-09	Class A Common Stock	M	173	—	Acquired	2880	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-09	Restrickted Stock Units	$	M	173	Disposed		Class A Common Stock (173)	Direct
2015-05-08	Restricted Stock Units	$	M	303	Disposed		Class A Common Stock (303)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$50.35	2019-05-17	Class A Common Stock (274)	274	Direct
Restricted Stock Units	$		Class A Common Stock (241)	241	Direct
Stock Options (Right to Buy)	$79.67	2020-05-09	Class A Common Stock (999)	999	Direct
Stock Options (Right to Buy)	$96.80	2021-05-08	Class A Common Stock (2202)	2202	Direct

Footnotes

F1: On May 8, 2015, 303 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.

F2: On May 9, 2015, 173 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.

F3: These options vest in accordance with the following schedule: 274 vest on the earlier of May 17, 2013 or the day immediately prior to the 2013 annual meeting of shareholders; 274 vest on the earlier of May 17, 2014 or the day immediately prior to the 2014 annual meeting of shareholders; and 274 vest on the earlier of May 17, 2015 or the day immediately prior to the 2015 annual meeting of shareholders.

F4: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F5: These options vest in accordance with the following schedule: 242 vest on the earlier of May 17, 2014 or the day immediately prior to the 2014 annual meeting of shareholders and 241 vest on the earlier of May 17, 2015 or the day immediately prior to the 2015 annual meeting of shareholders.

F6: These options vest in accordance with the following schedule: 333 vest on the earlier of May 9, 2014 or the day immediately prior to the 2014 annual meeting of shareholders; 333 vest on the earlier of May 9, 2015 or the day immediately prior to the 2015 annual meeting of shareholders; and 333 vest on the earlier of May 9, 2016 or the day immediately prior to the 2016 annual meeting of shareholders.

F7: These restricted stock units vest in accordance with the following schedule: 174 vest on the earlier of May 9, 2014 or the day immediately prior to the 2014 annual meeting of shareholders; 173 vest on the earlier of May 9, 2015 or the day immediately prior to the 2015 annual meeting of shareholders; and 173 vest on the earlier of May 9, 2016 or the day immediately prior to the 2016 annual meeting of shareholders.

F8: These options vest in accordance with the following schedule: 734 vest on the earlier of May 8, 2015 or the day immediately prior to the 2015 annual meeting of shareholders; 734 vest on the earlier of May 8, 2016 or the day immediately prior to the 2016 annual meeting of shareholders; and 734 vest on the earlier of May 8, 2017 or the day immediately prior to the 2017 annual meeting of shareholders.

F9: These restricted stock units vest in accordance with the following schedule: 303 vest on the earlier of May 8, 2015 or the day immediately prior to the 2015 annual meeting of shareholders; 303 vest on the earlier of May 8, 2016 or the day immediately prior to the 2016 annual meeting of shareholders; and 303 vest on the earlier of May 8, 2017 or the day immediately prior to the 2017 annual meeting of shareholders.